While LTC continues a pre-halving storyline and ETH appears slightly positive in its BTC pair, the price of bitcoin aims for support near $17,000.
Over the past few months, the price movement of cryptocurrencies has been difficult, but now some signs of life are starting to appear.
Although Bitcoin BTC tally sheets down $29,958
ping-pong price movement in the $16,700-$17,300 area appears to be enabling traders to follow some interesting setups in a few altcoins, even though its price is still in a downturn and has lately found support at the $17,000 mark.
Let’s have a brief look at some alluring patterns that are emerging on a weekly basis.
Litecoin LTC is a Bitcoin spinoff. NASDAQ down $92.54
as it did in 2015 and 2019, tends to become bullish some months before its reward halving occurs.
There seems to be some pre-halving buzz around Litecoin, which has 237 days until its next reward halving. LTC has increased 58.6% from Nov. 6 and is already beginning to duplicate the triple price activity seen in earlier halvings.
On the daily time period, the Guppy Multiple Moving Averages (GMMA) indicator has also turned green, which is unusual.
LTC continues to follow a pattern of higher lows, consolidation, and bull flag breakouts, which are then followed by additional consolidation, according to technical research.
LTC’s price could experience a pre-halving run up to the $100–$125 region if its existing market structure and 20-day moving average are maintained.
“Related crypto” refers to cryptocurrencies that share similar technologies
Ether develops its own plan.
Some noteworthy trends can be seen in the ETH/BTC weekly timeframe. Depending on how one looks at it, a wonderful inverted head and shoulders pattern might be developing.
Similar to Litecoin, the ETH/BTC weekly pair’s GMMA indicator has been solidly green since August 8—nearly four months ago.
The price movement of ether in its U.S. dollar and Bitcoin pair raises questions, especially in light of the current status of the market.
Despite this short-term bullish outlook, censorship of the Ethereum blockchain, compliance with the U.S. Office of Foreign Assets Control, ETH’s performance in the purportedly deflationary post-Merge environment, and worries that the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission may alter their views on Ether being a commodity could all have an impact on the price of ETH.
On-chain data provides an intriguing story.
Taking a look at on-chain data adds some color. According to data from Glassnode, Ethereum addresses with balances of more than 32 ETH, 1,000 ETH, and 10,000 ETH have been trending upward since Nov. 7.
Even though the recovery is modest, it’s crucial to monitor growth indicators like new Ethereum addresses, daily active users, rises in a range of balance cohorts, and the percentage of holders who are in the black because they may eventually signal a shift in trend and emotion.
Investors can get a more thorough understanding of whether it makes sense to open a position in ETH by comparing these variables to trading volumes, price, and other technical analysis indicators.
A few signs are also blinking on ETH’s MVRV Z-Score. The MVRV Z-Score compares the asset’s current market capitalization to the price at which investors purchased it, much like Bitcoin on-chain analysis does.
The indicator tends to indicate market tops when the market cap is much greater than the realized cap and might indicate whether an asset is overpriced or undervalued in relation to its true value.